Newell To Swallow `Poison Pill`

October 21, 1985

Newell Cos. said it will swallow ``poison-pill`` amendments adopted by Wm. E. Wright Co. and proceed with a $15.13 a share takeover offer for the West Warren, Mass., maker of sewing supplies. The antitakover measures include a provision permitting Wright stockholders to buy shares of an acquiring company at half their market value. Newell of Freeport, Ill., which produces do-it-yourself hardware and housewares products, is challenging the measures in suit filed in Delaware Chancery Court, but the court denied a request for a preliminary injunction. The tender offer expires Oct. 21.